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IRS to refund late fees for some small-business owners and individuals - Phoenix Business Journal

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IRS to refund late fees for small-business owners under these conditions. Here's what you need to know.

To be eligible, the income tax form must be filed before Sept. 30, 2022. The relief doesn’t apply to any failure-to-pay penalties.

"Throughout the pandemic, the IRS has worked hard to support the nation and provide relief to people in many different ways," said IRS Commissioner Chuck Rettig."The penalty relief issued today is yet another way the agency is supporting people during this unprecedented time. This penalty relief will be automatic for people or businesses who qualify. There's no need to call.

"Penalty relief is a complex issue for the IRS to administer," Rettig said."We've been working on this initiative for months following concerns we've heard from taxpayers, the tax community and others, including Congress. This is another major step to help taxpayers, and we encourage those affected by this to review the guidelines."

The late-filing relief is an attempt by the IRS to help reduce the backlog by allowing existing staff to focus on processing those applications and focus on 2023 applications rather than dealing with late fees, the agency said in its press release.And small businesses that are struggling still have a potentially lucrative Covid-19 relief Initially, the ERC was a quarterly, refundable tax credit based on wages for business owners to retain staff during the Covid-19 pandemic.

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